- SMBs CAN USE THE BACK OFFICE TO DRIVE BOTTOMLINE GROWTH
- 5 WAYS TO IMPROVE FINANCE FUNCTION EFFECTIVENESS, DRIVE OUT COSTS, AND BOOST GROWTH
- OPERATIONAL AGILITY
IMPROVING YOUR BACK OFFICE (THROUGH FINANCIAL PROCESSES) CAN DRIVE SMB GROWTH 5 WAYS FINANCE TEAMS CAN HELP. ARE YOU PULLING AHEAD, BARELY KEEPING UP, OR FALLING BEHIND? SMBs CAN USE THE BACK OFFICE TO DRIVE BOTTOMLINE GROWTH.
- Operational agility
- Process innovation
- Strengthened compliance and risk management
- Elimination of data silos
- Improved data-driven decision making
Customer-facing LOBs within small- to medium-sized businesses (SMBs) have been leading the charge in the use of cloud technologies to help drive top-line growth. The cloud is freeing. It untethers sales teams from their desks, allowing them to work more flexibly. It also safely provides marketing with the data needed to segment, target, and nurture high value customers.
Now SMBs are realizing that the cloud can improve the back office (through finance function effectiveness) as well. And this will drive bottom-line growth.
But the key to success is to utilize the “right cloud” – one that can support your business today and scale as you grow. A unified, integrated cloud for all your financials – with reporting, planning, forecasting, and analytics capabilities – can provide the financial transparency you need to increase your company’s value and inspire investor confidence.
5 WAYS TO IMPROVE FINANCE FUNCTION EFFECTIVENESS, DRIVE OUT COSTS, AND BOOST GROWTH.
When you improve finance function effectiveness, you increase net income by driving costs out of your SMB. This is done by:
- Simplifying & Streamlining Financial Processes (i.e. operational agility)
- Making The Back Office The Foundation Of Value Creation (i.e. process innovation)
- Leveraging Built-in Controls (i.e. strengthen compliance and risk management)
- Improving Workflows Through Seamless Integration (i.e. data silo elimination)
- Utilizing Analytics For Planning, Budgeting & Forecasting (i.e. data-driven strategic decision making)
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1. OPERATIONAL AGILITY
Through simplified and streamlined processes
True agility is achieved when effectiveness and efficiency join forces. That all starts with a cloud platform that is built on best practices, incorporating financial management, risk management/ compliance, and performance management.
These three components establish the operational agility the finance team needs to meet the needs of high-growth SMBs.
With the right cloud, small- and medium-sized businesses can lower operational costs, making a HUGE difference in their bottom line.
SO ASK YOURSELF:
- How much quicker could you get paid and, in turn, reduce the cost of borrowing money if you could speed up your accounts receivable (AR) process?
- How many early payment discounts could you take advantage of if you could better synchronize your accounts payable (AP) process?
- How much could you reduce days-sales-outstanding (DSO) if you could eliminate invoice disputes?
If you can achive this level of operational agility, your finance teams will help boost net income.
28% of finance professionals believe that an automated AP solution would save an entire week’s worth of work each year — time that could be spent on more strategic tasks…
— Aberdeen Group
DID YOU KNOW?
A 1% REDUCTION IN COSTS, achieved by improving your procurement process, is equivalent to a 10% INCREASE IN SALES. Companies gain a distinct advantage simply by producing their goods or services more cheaply.*
On average, it takes 35 minutes to process one paper invoice. In fact, 90% OF THE TOTAL COST of invoicing are labor costs.*
Employees spend 9 hours per week searching for data and not finding it, costing companies over $14K PER WORKER per year.**
Every piece of inventory – from consumer electronics to apparel – runs the risk of losing value over time, affecting your costs of goods sold (COGS) and impacting your profit and loss (P&L) statement.